Magnetic Resources Nl

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Magnetic Resources Nl (ASX:MAU) is pleased to advise that Singapore-based private investor, Mr Eric JH Lim, has been appointed as an additional non-executive director of the Company. He currently holds 3,350,000 fully paid ordinary shares via a holding company on his own account and represents a group of Singapore-based investors who hold a significant stake in the Company.

Magnetic Resources Nl (ASX:MAU) is about to commence crushing and screening test work on surface rock samples with the aim of assessing the potential for direct shipping ore-grade material within the Wubin project area north east of Perth. This test work will be followed by ground gravity surveys targeting zones of reduced magnetic response on interpreted banded iron formation horizons which may reflect the presence of hematite-goethite alteration.

Magnetic Resources Nl (ASX:MAU) is very encouraged by the quality of new Davis Tube test results from Mt Vernon, specifically the low SiO2, Al2O3 and P contents. The testwork of fresh rock samples from drillhole MVRC12 have generated concentrates averaging 67.5%Fe, 1.6%SiO2, 0.77%Al2O3 and 0.02%P. The gangue content, with the majority of sulphides, was removed from the primary feed by the Davis Tube.

As announced previously Magnetic Resources Nl (ASX:MAU) is conducting a detailed gravity survey over its Jubuk magnetite project. The gravity survey is expected to provide greater definition of target zones and to allow prioritisation of target areas for drilling. Preliminary gravity results show numerous strong responses and indicate that the magnetite zone could extend about 600m south of the drilled area, where the magnetic data indicates a narrowing and weakening response.

Following the previously reported encouraging drilling and test work results from its 100%- owned Jubuk magnetite project near Corrigin, Magnetic Resources Nl (ASX:MAU) has completed the second stage of the latest reverse circulation drilling programme. The drilling programme was aimed at testing of strike extensions of the prospective coarse-grained magnetite banded iron formation and providing information for a preliminary resource estimate.

Following the previously reported encouraging drilling and test work results from its 100%- owned Jubuk project near Corrigin, Magnetic Resources NL (ASX:MAU) has commenced a two-stage 34-hole reverse circulation drilling programme totalling approximately 4,000m. The drilling programme is aimed at defining an Inferred Resource and testing of strike extensions of the prospective coarse-grained magnetite banded iron formation.

Magnetic Resources (ASX:MAU) continues to advance exploration on its wholly owned Jubuk project near Corrigin, WA and on its other southwest iron ore projects.

Magnetic Resources (ASX:MAU) has continued to advance the exploration within its wholly owned Wubin and Jubuk iron ore projects and two major drilling programmes are planned for the promising Wubin hematite/pisolite and Jubuk magnetite projects totalling 9,000m RC and 2,000m AC.

Magnetic Resources NL (ASX:MAU) is pleased to advise that Singapore-based private investor, Mr Hian-Siang Chan, has acquired a 5.63% interest in the Company following a private placement of 2,800,000 fully paid ordinary shares at 45 cents per share together with an off-market purchase of 1,000,000 fully paid ordinary shares from Image Resources NL at the same price.